Mallya loan default case: Ex-IDBI Bank chairman among eight held

BENGALURU: The Central Bureau of Investigation (CBI) on Monday arrested former chairman of IDBI Bank Yogesh Aggarwal, besides three other former officials of the public sector bank, and four former executives of the now-defunct Kingfisher airlines in connection with a loan default case involving Vijay Mallya.

Besides Aggarwal, the agency arrested former Chief Financial Officer (CFO) Kingfisher Airlines A Raghunathan, an agency source said. 

The three other arrested employees of Kingfisher Airlines include Shailesh Borkar, Amit Natkarni and AC Shah. Other former IDBI officials arrested include SK Srinivasan and Sridhar, agency sources said, adding that the arrested accused will be produced before a designated court on Tuesday for seeking their custodial remand.

CBI sleuths visit UB Group offices in Bengaluru A team of CBI officials on Monday visited the offices of the UB Group led by Vijay Mallya.

“A team of CBI officials from Delhi visited the UB group offices in Bengaluru,” a senior CBI official said, but did not divulge any details. “I do not have any details on the issue,” he said. 

Meanwhile, the UB Group spokesperson also confirmed the visit of the CBI officials to their offices and stated that they were cooperating with them.

“A CBI team visited the UB Group offices in Bengaluru and we are fully cooperating with them,” the spokesperson said.

The CBI officials’ visit to UB Group offices comes days after the Bengaluru Debt Recovery Tribunal on January 19 ordered the SBI-led consortium of banks to start the process of recovering Rs 6,203 crore at an annual interest rate of 11.5% from the embattled tycoon and his companies in the Kingfisher Airlines case.

Mallya, who left the country on March 2 and is now in the UK, has been declared a proclaimed offender by a special People’s Money Laundering Act court in Mumbai on a plea by the Enforcement Directorate in connection with its money laundering probe against him in the alleged bank loan default case.